Streetwise

Pacing the Invisible Line

The bulls are right -- for now.

WISDOM RESIDES NEAR THE BORDER of patience and stubbornness. Yet when it comes to investing, the market alone determines where that frontier lies.

Market skeptics last year, by their account, were practicing patience, waiting for the present bull market to act its age and succumb to a serious setback by conforming to a time-steeped tendency to break a hip in mid-term election years.